Metro Bank has strategically partnered with BankiFi to launch a cutting-edge service called Invoice It.
- The collaboration aims to provide SMEs with a streamlined payment and invoicing system accessible through multiple platforms.
- Invoice It integrates seamlessly with major accounting software, enhancing efficiency and reducing the need for manual processes.
- The service aims to improve cash flow for businesses, with a reported 73% receiving payments within two days.
- Metro Bank’s continued innovations underscore its commitment to supporting UK businesses in a challenging economic landscape.
Metro Bank has teamed up with BankiFi, a Manchester-based fintech company, to introduce Invoice It, a revolutionary payment and invoicing solution for small and medium-sized enterprises (SMEs). This service is designed to address the increasing demand among UK businesses for financial solutions that facilitate quick and cost-effective payment transactions.
By making Invoice It accessible through both mobile applications and a web-based interface, Metro Bank ensures that its Business and Commercial Current Account holders can process payments efficiently. This accessibility aligns with the bank’s strategy to empower its clients by removing the traditional barriers associated with financial administration.
The compatibility of Invoice It with prominent accounting software represents a significant leap in operational efficiency for businesses. This feature streamlines financial processes, thereby liberating companies from the tedious task of chasing late payments manually, allowing them to concentrate on core operations that propel growth.
Notably, BankiFi’s data reveals that a remarkable 73% of clients utilising Invoice It secure payments within a mere 48 hours, often faster than the stipulated invoice terms. This rapid payment turnaround is crucial for enhancing cash management, crucial for businesses navigating the current economic climate.
Metro Bank prides itself on responding to the needs of its commercial clientele through continuous product development. The launch of Invoice It highlights its strategic focus on strengthening cash flow management as a pivotal element in maintaining and growing its customer base amid a competitive market.
Metro Bank’s partnership with BankiFi through Invoice It represents a significant advancement in supporting SMEs’ financial management needs across the UK.